JSE: 38m shares for IPO

The Jamaica Stock Exchange (JSE) is to issue 28 million shares to the public during this quarter and have the total share capital listed in the exchange thus confirming what IC Insider reported last week.

In a release to the public, the JSE stated that the Shareholders of the Jamaica Stock Exchange have given their approval to list the ordinary shares of the Company on the local equity market via an Initial Public Offer (IPO). The Company will offer, by way of Subscription, 28,050,000 new ordinary shares equal to 20% of its ordinary shares to the public. Upon completion of the sale, the Company will apply for its shares to be listed on the JSE. The Company expects to make the Offer to the Public in the 2nd Quarter of 2013.

An additional 10,200,000 existing ordinary shares will also be available for sale to investors, bringing the total ordinary shares available to 38,250,000 units. This means that the JSE has split the existing 28 million ordinary shares into 140 million units. It appears that existing shareholders will be selling off some of their holdings to the public at the same time. The JSE did not indicate the likely price the issue will be coming to market at.

jse_logo150x150According to the Chairman of the JSE, Donovan H. Perkins, “The Board of the Exchange has approved the listing of its shares to allow the public to participate in the success of the JSE. We think it appropriate that the very entity that is supporting and seeking to expand the capital markets, should also participate in these markets.”

Marlene Street Forrest, General Manager of the JSE also added that, “with the green light given by the shareholders, this is a natural and positive progression of the organization as it is another step in the direction towards maximizing shareholders’.

The issue could come to the market at a time when trading interest would have reached new heights than a few months ago.

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